Slide 1: 1H22 Interim Results Presentation
MET RO P E R FORM ANCE GL AS S 1H22 Interim Results Presentation 22 November 2021
Slide 2: Key messages
Key messages • As Covid-19 restrictions reemerged, the Metroglass Group remained committed to stabilising the business and delivering to its customers • Metroglass’ performance was significantly impacted by the Covid-19 lockdown at the end of the half • Australian Glass Group continues to execute we
Slide 3: The Metroglass Group displayed its resilience in another challenging six-months
The Metroglass Group displayed its resilience in another challenging six-months OUR PEOPLE OUR CUSTOMERS OUR BUSINESS • Remained focused on safety and wellbeing • Maintained connections with customers • Successfully reopened all sites in New • Consistently maintained normal pay for all • Resumed the
Slide 4: 1H22 key financial outcomes
1H22 key financial outcomes1 GROUP Revenue NEW ZEALAND 2 $116.9m 0% (1H21: $117.0m) Revenue EBIT $87.9m, -1% $4.1m, -68% EBIT NPAT (1H21: $89.2m) (1H21: $12.8m) $3.0m -76% $0.4m -94% (1H21: $12.8m) (1H21: $7.6m) AUSTRALIA 2 Revenue EBIT Net debt Leverage ratio $29.0m, +4% ($0.7m) $47.8m -6% 2.8x n/a
Slide 5: Consenting activity is strong in New Zealand, though there are clear constraints
Consenting activity is strong in New Zealand, though there are clear constraints as supply chain and labour issues cap medium term activity Total NZ residential consents (9 month lagged, by number)1 NZ non-residential consents (by value $bn)1 4.8% 12.4% 14.0% 0.0% 44,299 -7.6% 10.3% 7.7 39,420 7.6 3
Slide 6: Metroglass' performance was significantly impacted by the Covid-19 lockdown at the end of the half
Metroglass’ performance was significantly impacted by the Covid-19 lockdown at the end of the half • Our efforts to diversify the product and customer mix delivered results, however this was overshadowed by Covid-19 lockdowns and ongoing supply chain disruptions • We responded swiftly to the Covid-1
Slide 7: Residential construction activity in southeast Australia has strengthened
Residential construction activity in southeast Australia has strengthened following c.18 months of declines and despite Covid-19 restrictions in place South east Australia: house approvals (6m lagged, by number)1 South east Australia: housing data (rolling 12 months)2 40% 30% -12.3% 21.4% 30% 72,237
Slide 8: Australian Glass Group continues to execute well against its turnaround plan
Australian Glass Group continues to execute well against its turnaround plan despite prolonged Covid-19 restrictions • Australian Glass Group (AGG) processing plants have largely remained operational throughout the first half, however disruptions to supply chains and people availability impacted pro
Slide 9: 1H22: Metroglass Group revenue (NZ$)
1H22: Metroglass Group revenue (NZ$) 1H21 1H22 $117.0m $116.9m $59.1m $57.1m $27.8m $29.0m $18.0m $16.6m $14.1m $12.1m Residential (NZ) Commercial Glazing (NZ) Retrofit (NZ) Australian Glass Group Metro Glass Group (AU) (3%) (8%) 17% 4% (0%) (1%) Note: The allocation of sales between residential and
Slide 10: 1H22: Financial results summary
1H22: Financial results summary Group results Segment results 1H22 1H21 % change 1H22 1H21 % change NZ$m1 NZ$m,1,2 Group New Zealand Revenue 116.9 117.0 0% Revenue 87.9 89.2 (1)% EBITDA before significant items 12.6 23.1 (45)% Gross profit % 44.4% 48.7% Depreciation & amortisation 9.6 10.3 7% Segmen
Slide 11: 1H22: EBIT bridge
11 H1 F21 EBIT 12.8 NZ Govt wage subsidy, rent relief, and sales impact 4.5 - COVID-19 1H22: EBIT bridge Gross profit % decline 2.4 New Zealand Change in net revenue 1.4 Distribution, glazing, admin, 0.3 selling, and marketing Gross profit % decline 0.7 0.2 Administration expenses Australia 0.3 Dist
Slide 12: 1H22: Group summary cash flow & balance sheet
1H22: Group summary cash flow & balance sheet Key cash flow items (NZ$m) 1H22 1H21 • Increased holdings in glass inventory due to supply chain disruption and the impact of Level 4 restrictions was offset by a reduction in trade receivables EBIT (post significant items) 3.0 13.7 in NZ due to the impa
Slide 13: Outlook for FY22
Outlook for FY22 • As the New Zealand and Australian Governments continue to rollout their vaccination programmes and the reopening of the economy, we expect this will provide certainty and a supportive environment for the construction sector • Residential consenting activity continues to track at r
Slide 14: Our strategy and focus remains unchanged
Our strategy and focus remains unchanged Build resilience and Further improve our To ensure our balance defend Metroglass’ positive trajectory in sheet remains strong leadership position Australia, and benefit and sufficient to cope from growing demand for with future risks and double-glazing opport
Slide 15: Q&A
Q&A 15
Slide 16: Appendix: Reconciliation of non-GAAP to GAAP profit measures
Appendix: Reconciliation of non-GAAP to GAAP profit measures 1H22 1H21 Non-GAAP financial information Half year to 30 September ($M) ($M) • Group results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS, being: Profi
Slide 17: Disclaimer
Disclaimer This presentation (“Presentation”) has been prepared by Metro Performance Glass Limited (Company Number 5267882) (“Metro Performance Glass”). Please do not read this Presentation in isolation This presentation contains some forward-looking statements about Metro Performance Glass and the
Slide 18: Contact information
Contact information Metro Performance Glass Limited 5 Lady Fisher Place, East Tamaki, Auckland 2013 Ph: + 64 9 927 3000 www.metroglass.co.nz/ Simon Mander – Chief Executive Officer Simon.Mander@metroglass.co.nz (+64) 029 636 2661 Brent Mealings – Chief Financial Officer Brent.Mealings@metroglass.co.